Bullman Minerals Reports NI43-101 Resource Estimate for the Siguiri
Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 11, 2014) -
Bullman Minerals Inc. (TSX-VENTURE:BUL) is pleased to announce the
results of the first independent NI43-101 resource estimate for the
Siguiri project, northeast Guinea, West Africa. The indicated
resource estimate is 32.4 Mt grading 0.75 g/t gold (780,000 oz) and
the inferred resource estimate is 93.9 Mt grading 0.52 g/t gold
(1,579,700 oz) using a 0.3 g/t cut-off; no economic studies have
been completed for the Siguiri project and therefore a cut-off
grade of 0.3 g/t gold was chosen as a possible open pit cut-off.
The estimate includes resource estimates for four separate deposits
hosted within a north-northeast striking shear zone and one deposit
hosted in a sub-parallel structure approximately 5 km to the west
(Table 1). In addition to the gold resource on the Siguiri project,
the Company recently announced an inferred resource of 39.8 Mt
grading 0.94 g/t gold (1,208,000 oz) using a 0.3 g/t cut-off at its
Balandougouba project (Sidikila deposit) on April 2, 2014.
Highlights
- Maiden NI43-101 resource estimate (oxide and sulphide) outlines
an indicated resource of 32.4 Mt grading 0.75 g/t gold (780,000 oz)
and an inferred resource of 93.9 Mt grading 0.52 g/t (1,579,700 oz)
at a 0.3 g/t cut-off.
- Increasing the cut-off grade to 0.6 g/t gold, the indicated
resource grade increases to 1.14 g/t gold (14.5 Mt grading 1.14 g/t
for 532,000 oz) and the inferred resource grade increases to 0.87
g/t gold (22.2 Mt grading 0.87 g/t for 621,040 oz).
- The Shawn deposit is the largest and highest grade of the five
deposits and accounts for approximately 46% of the overall resource
ounces.
- The oxide component of the resource estimate includes an
indicated resource of 15.5 Mt grading 0.87 g/t gold (431,000 oz)
and an inferred resource of 31.48 Mt grading 0.57 g/t gold (575,800
oz) at a 0.3 g/t cut-off and comprises 43% of the overall
resource.
- Majority (75 %) of the oxide resource attributed to the Shawn
and FK deposits.
- The shear structure hosting the Siguiri deposits can be traced
for over 60 km by geochemistry, geophysics, drilling and artisanal
workings.
- Potential to increase the grade and size of the resource by:
- Infill drilling around higher grade gold zones outlined in the
existing resource,
- Drill test the northeast trending coincident geophysical
(electromagnetic) and geochemical target (>10 km) approximately
2 km east of and sub-parallel to the FK-Shawn trend, and
- Drill test the extension of the FK-Shawn trend on to the South
Block Permit, where it is outlined by geophysics, geochemistry and
artisanal workings over a distance of 18 km.
- Near surface gold mineralization may be amenable to open pit
extraction and heap leach processing, which Bullman plans to
investigate in future mining and metallurgical studies.
|
Table 1: Siguiri Project - Classified Mineral Resource
at a 0.3 g/t gold cut-off. |
|
Deposit |
Classif- ication |
Oxidation State |
Gold Cut-off |
Tonnage |
Gold Grade |
Gold Contained |
|
|
|
g/t |
|
g/t |
oz |
Amina |
Indicated |
Oxidized |
0.3 |
1,260,000 |
0.84 |
34,000 |
|
Indicated |
Un-Oxidized |
0.3 |
400,000 |
0.43 |
5,500 |
|
Indicated |
Combined |
0.3 |
1,660,000 |
0.74 |
40,000 |
Shawn |
Indicated |
Oxidized |
0.3 |
14,210,000 |
0.87 |
397,000 |
|
Indicated |
Un-Oxidized |
0.3 |
16,540,000 |
0.65 |
343,000 |
|
Indicated |
Combined |
0.3 |
30,750,000 |
0.75 |
740,000 |
Total |
Indicated |
Oxidized |
0.3 |
15,470,000 |
0.87 |
431,000 |
|
Indicated |
Un-Oxidized |
0.3 |
16,940,000 |
0.64 |
348,500 |
|
Indicated |
Combined |
0.3 |
32,410,000 |
0.75 |
780,000 |
Amina |
Inferred |
Oxidized |
0.3 |
5,010,000 |
0.63 |
101,000 |
|
Inferred |
Un-Oxidized |
0.3 |
1,900,000 |
0.42 |
26,000 |
|
Inferred |
Combined |
0.3 |
6,910,000 |
0.57 |
127,000 |
Shawn |
Inferred |
Oxidized |
0.3 |
720,000 |
0.49 |
11,000 |
|
Inferred |
Un-Oxidized |
0.3 |
21,490,000 |
0.50 |
343,000 |
|
Inferred |
Combined |
0.3 |
22,210,000 |
0.50 |
354,000 |
FK |
Inferred |
Oxidized |
0.3 |
19,020,000 |
0.55 |
339,000 |
|
Inferred |
Un-Oxidized |
0.3 |
17,440,000 |
0.40 |
222,000 |
|
Inferred |
Combined |
0.3 |
36,460,000 |
0.48 |
560,000 |
Tinko Sud |
Inferred |
Oxidized |
0.3 |
2,820,000 |
0.54 |
49,000 |
|
Inferred |
Un-Oxidized |
0.3 |
1,570,000 |
0.47 |
24,000 |
|
Inferred |
Combined |
0.3 |
4,390,000 |
0.51 |
73,000 |
Fadiougoula N |
Inferred |
Oxidized |
0.3 |
3,680,000 |
0.62 |
73,000 |
|
Inferred |
Un-Oxidized |
0.3 |
19,720,000 |
0.61 |
385,000 |
|
Inferred |
Combined |
0.3 |
23,400,000 |
0.61 |
459,000 |
Fadiougoula S |
Inferred |
Oxidized |
0.3 |
227,296 |
0.38 |
2,800 |
|
Inferred |
Un-Oxidized |
0.3 |
340,000 |
0.36 |
3,900 |
|
Inferred |
Combined |
0.3 |
567,296 |
0.37 |
6,700 |
Total |
Inferred |
Oxidized |
0.3 |
31,477,296 |
0.57 |
575,800 |
|
Inferred |
Un-Oxidized |
0.3 |
62,460,000 |
0.50 |
1,003,900 |
|
Inferred |
Combined |
0.3 |
93,937,296 |
0.52 |
1,579,700 |
|
|
|
|
|
|
|
Inferred Mineral Resource
"An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which quantity and grade or quality can be estimated
on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade
continuity. The estimate is based on limited information and
sampling gathered through appropriate techniques from locations
such as outcrops, trenches, workings and drill holes."
"Due to the uncertainty that may be attached to Inferred
Mineral Resources, it cannot be assumed that all or any part of an
Inferred Mineral Resource will be upgraded to an Indicated or
Measured Mineral Resource as a result of continued exploration.
Confidence in the estimate is insufficient to allow the meaningful
application of technical and economic parameters or to enable an
evaluation of economic viability worthy of public disclosure.
Inferred Mineral Resources must be excluded from estimates forming
the basis of feasibility or other economic studies."
The Siguiri project covers a 248 square km area and is comprised
of three exploration permits organized into two concession blocks,
a North Block comprised of two permits and a South Block comprised
of a single permit. The project is underlain predominantly by fine
grained sedimentary rocks comprised of siltstone, argillite and
immature sandstones. A north-northeast striking shear zone that is
over 60 km long extends across both the North and South Block, and
is host to gold mineralization exposed in artisanal pits and
intersected at depth in drill holes.
In the North Block, four deposits from north to south (FK,
Tinko, Shawn and Fadiougoula) are hosted along part (16 km) of this
shear zone and were the focus of historic and recently completed
drill programs; the Amina deposit is located approximately 5 km to
the west on a sub-parallel structure. The FK, Tinko and Fadiougoula
deposits have been drilled on east-west fences spaced 200 m apart
with 50 m collar spacing along the fences, whereas Shawn and Amina
deposits have been drilled on fences spaced 100 m apart and similar
50 m collar spacing. Most of the holes were angle holes (-50 to
-60°) drill towards the west to approximately 150 m vertically
below surface; several diamond drill holes were drilled to 200 to
250 m below surface. Gold mineralization is associated with
moderately developed quartz stockworks and sheeted veinlets that
have been oxidized to depths varying from 40 to over 100 m below
surface. Additional infill drilling is required to outline the
higher grade "shoots" within the extensive mineralized zones
outlined to date. The mineralization is open at depth and to the
south where the shear zone hosting the gold mineralization in the
North Block extends onto the South Block. The South Block permit
has seen limited exploration (geophysics, geochemistry and shallow
air core drilling), but has extensive artisanal workings coincident
with the projection of the shear zone.
The Siguiri resource estimate is based on 342 drill holes
(45,887 m) of which 294 holes were drilled by Caracal in 2007-2008
and 48 holes were drilled by Bullman in 2013-2014. Most of the
metreage was by reverse circulation (RC), except for 2,817 m that
was drilled by diamond drilling. Seven (RC) holes completed by
Caracal were re-entered and extended by Bullman using a diamond
coring rig (Holes SDD13-002, 004, 005 & 006 and SDD14-014, 015
and 016). For these holes, the RC results were used for the top
portion and the diamond drill results were used for the bottom. A
total of 45,757 samples were assayed for gold within all of the
mineralized zones. The samples (mostly 1.0 m in length) were
composited to 2.5 m in length and interpolated into blocks
measuring 10 m by 10 m by 5 m using ordinary kriging. The kriging
exercise was completed in a series of 4 passes using an expanding
search ellipse oriented and dimensioned from the semivariograms
(Table 2). Solid wireframes of the oxide and sulphide
mineralization were used to constrain the estimate. The first pass
used a search ellipse with dimensions equal to 1/4 of the
semivariogram range. A minimum of 4 composites were required to
estimate a block with a maximum of 3 allowed from a given drill
hole. In this manner, a minimum of two drill holes were required to
estimate a block. For blocks not estimated in Pass 1, a second pass
using a search dimension equal to 1/2 the semivariogram range. A
third pass using the full range and a fourth pass using twice the
range completed the exercise. In all cases a maximum of 12
composites were allowed and if more than 12 were found the closest
12 were used. For all estimated blocks containing some percentage
of external waste, a second kriging exercise was completed using
only composites outside the mineralized solids; the kriging was
completed in a similar manner as described for the mineralized
blocks. Resource estimates at various cut-off grades are tabulated
in Table 3.
|
Table 2: Siguiri Project - Kriging parameters for each
deposit. |
|
Zone |
Az / Dip |
C0 |
C1 |
C2 |
Short Range (m) |
Long Range (m) |
Amina |
113 / 0 |
0.1 |
0.4 |
0.35 |
50 |
125 |
|
23 / -32 |
12 |
30 |
|
203 / -58 |
50 |
110 |
FK |
20 / 0 |
0.2 |
0.2 |
0.45 |
50 |
250 |
|
290 / -55 |
12 |
42 |
|
110 / -35 |
15 |
30 |
Shawn |
10 / 0 |
0.35 |
0.42 |
0.18 |
80 |
180 |
|
280 / -45 |
25 |
80 |
|
100 / -45 |
12 |
150 |
Tinko Sud |
10 / 0 |
0.35 |
0.42 |
0.18 |
80 |
180 |
|
280 / -45 |
25 |
80 |
|
100 / -45 |
12 |
150 |
Fad North |
20 / 0 |
0.35 |
0.42 |
0.18 |
80 |
180 |
|
290 / -45 |
25 |
80 |
|
110 / -45 |
12 |
150 |
Fad South |
25 / 0 |
0.35 |
0.42 |
0.18 |
80 |
180 |
|
295 / -45 |
25 |
80 |
|
115 / -45 |
12 |
150 |
Waste |
Omni Directional |
0.2 |
0.16 |
0.29 |
12 |
60 |
|
|
|
|
|
|
|
|
Table 3: Siguiri Project - Classified resource
estimates at various cut-off grades. |
|
Classification |
Cut-off |
Tonnage |
Grade |
Contained Gold |
|
g/t |
|
g/t gold |
oz |
Indicated |
0.30 |
32,410,000 |
0.75 |
780,000 |
Indicated |
0.40 |
24,560,000 |
0.88 |
692,000 |
Indicated |
0.50 |
18,690,000 |
1.01 |
607,000 |
Indicated |
0.60 |
14,680,000 |
1.14 |
537,000 |
Indicated |
0.70 |
11,800,000 |
1.26 |
477,000 |
Indicated |
0.80 |
9,630,000 |
1.37 |
425,000 |
Indicated |
0.90 |
7,890,000 |
1.49 |
377,000 |
Indicated |
1.00 |
6,520,000 |
1.60 |
336,000 |
|
|
|
|
|
Inferred |
0.30 |
93,940,000 |
0.52 |
1,579,700 |
Inferred |
0.40 |
56,450,000 |
0.64 |
1,163,200 |
Inferred |
0.50 |
35,998,000 |
0.75 |
870,100 |
Inferred |
0.60 |
22,992,000 |
0.87 |
643,040 |
Inferred |
0.70 |
14,530,000 |
1.00 |
464,000 |
Inferred |
0.80 |
9,330,000 |
1.14 |
341,000 |
Inferred |
0.90 |
5,970,000 |
1.30 |
249,000 |
Inferred |
1.00 |
4,210,000 |
1.45 |
196,000 |
|
|
|
|
|
Note: Figures may not agree exactly with Table 2 due to
rounding errors. |
|
Future exploration programs on the Siguiri project will focus on
identifying areas with higher gold grades to improve the economic
potential of the project. These programs will include:
- Identifying higher grade zones within the existing resource for
follow-up infill drilling,
- Drill testing the VTEM geophysical linear ("VTEM-2") and its
associated gold soil anomaly (>10 km) located 2 km east of the
FK-Shawn trend, and
- Drill testing the 18 km extension of the FK-Shawn trend VTEM
linear across the South Block.
Laboratory Procedures
Caracal's RC samples were submitted to ALS Chemex in Bamako,
Mali where they were weighed, oven dried and crushed to 70% passing
a 2 mm sieve. The crushed material was split using a riffle
splitter to make a sub-sample. The sub-sample was pulverized to 85%
passing 75 microns and a 50 g aliquot was taken for industry
standard fire assay for gold. Gold concentration was determined
using atomic absorption spectrometry (AAS). The lower detection
limit was 0.01 g/t gold.
All of Bullman's RC and diamond drill core samples were
submitted to and prepared by the SGS laboratory in Bamako, Mali.
Most of the gold assaying was completed by the Bamako SGS
laboratory, but some of the pulps were also sent to the SGS lab in
Ouagadougou, Burkina Faso for gold analysis; both laboratories use
the same analytical procedures. The SGS procedures for drill core
and RC drill cuttings are to oven dry the sample, crush the whole
sample to a nominal 2 mm size fraction and split using a Jones type
riffle to generate a 1.5 kg or smaller sample for pulverization.
The sample split is then pulverized to 85% passing 75 microns. A 50
g aliquot was taken for industry standard fire assay with gold
determination by AAS. Detection limits for this method is 0.01g/t
(lower) and 100g/t (upper.
Quality Control - Quality Insurance (QA-QC) samples (blanks,
standards and duplicates) were inserted to monitor the analytical
results of the laboratory. The QA-QC samples from Caracal's and
Bullman's programs were within acceptable limits.
Qualified Persons
Gary Giroux of Giroux Consultants Ltd. completed the resource
estimate and Micheal Gareau of M. Gareau & Associates
Geological Services Inc. and Gary Giroux jointly prepared the
NI43-101 Technical Report titled "Technical Report on the Mineral
Resources of the Siguiri Property, Republic of Guinea with an
effective date of April 2, 2014. Mr. Gareau and Mr. Giroux have
extensive relevant experience and are Qualified Persons in their
respective fields as defined by NI43-101. Mr. Gareau completed a
site visit to the project on November 28, 2012 and again from
January 21 to 23, 2014. The authors are not aware of any known
legal, political, environmental, or other risks that could
materially affect the potential development of the mineral
resources or mineral reserves. The NI43-101 Technical Report will
be filed on SEDAR and Bullman Mineral's website within 45 days of
this news release.
André C. Lambert, B.Sc. (Hons), EurGeol, MIMM is the Exploration
Manager for the Company and a qualified person as defined by
National Instrument 43-101. Mr. Lambert has reviewed and approved
the technical disclosure contained in this News Release.
About Bullman Minerals Inc.
Bullman Minerals Inc. is a Canadian based public company with a
focus on the acquisition, exploration and development of gold
properties in Guinea and neighboring countries of West Africa. The
Company owns two gold projects (Siguiri and Balandougouba) in the
under-explored Siguiri Basin of northeast Guinea, which is
underlain by Birimian age rocks, the host rock to most of the large
gold deposits in West Africa. Global gold resources contained on
the two projects are 32.4 Mt grading 0.75 g/t gold (780,000 oz) in
the indicated category and 133.7 Mt grading 0.65 g/t gold
(2,787,700 oz) in the inferred category using a 0.3 g/t gold
cut-off. For details on the projects, the reader is referred to
NI43-101 Technical Reports available on SEDAR or the Company's
website.
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include
without limitation the completion of planned expenditures, the
ability to complete exploration programs on schedule and the
success of exploration programs.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or the
accuracy of this news release.
Bullman Minerals Inc.Peter YueCEO and Director+1 604
336-8618
Bullman Minerals Inc. (TSXV:BUL)
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